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Access to fast transfers of bank funds made available ahead of schedule

Published on Mar 10, 2014 7:04 PM
 
A customer uses a DBS Group Holdings Ltd. automated teller machine (ATM), standing between the ATMs of United Overseas Bank Ltd. and Oversea-Chinese Banking Corp. Ltd., at Changi Airport in Singapore, on Thursday, July 28, 2011. Making funds transfers from one bank account to another from a different bank in a matter of minutes will be available at participating lenders this month. -- PHOTO: BLOOMBERG

Making funds transfers from one bank account to another from a different bank in a matter of minutes will be available at participating lenders this month.

The Association of Banks in Singapore (ABS) said on Monday that customers can access the Fast And Secure Transfers (Fast) with effect from 8am on Mar 17, about three months ahead of the original schedule.

ABS announced last month that the service, which is seeing participation among 14 banks here, will be made available here by the middle of the year.

The service will be free for most retail clients including those of local banks' customers DBS, OCBC Bank and United Overseas Bank.

 
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